23 Feb 2007other● Neutral
Strike Oil's weekly update forwarding Comet Ridge's 23 February Peltier news, plus its own McGall 1 gas well in Texas at 11,252 ft. Nothing new on Comet Ridge.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Feb 2007drilling progress report● Neutral
The completion rig is rigged up at Peltier 11-12. The well is expected on production test by end of week, weather permitting. Nothing new on results.
14 Feb 2007contract award▲ Good
A seismic crew is signed for an 8 sq mile 3D survey at Florence, with acquisition expected mid to late March. Drilling is still planned by end of July. Comet Ridge holds 26% and operates; control is now about 7,000 acres.
13 Feb 2007drilling result▼ BadMajor
Efforts to free the stuck pipe at Coal View 31-4 were abandoned. The company plans to re-enter after the spring thaw and redrill the last ~2,000 ft (3-4 days). Pump install at Peltier 11-12 due this week. Resolves the fishing thread negatively.
9 Feb 2007other● Neutral
Strike Oil's weekly update forwarding Comet Ridge's 6 February news: Coal View 31-4 fishing continues and Peltier 11-12 awaits a pump. Also covers Strike's Texas wells. Nothing new on Comet Ridge.
8 Feb 2007production update▲ GoodMajor
Tipton West gas sales began, ahead of schedule. Comet Ridge's 1.5% royalty, sold to Arrow in 2005 and capped at A$8m, is forecast to earn about A$200,000 a year once the field reaches 27 TJ/d by end 2007.
8 Feb 2007drilling scheduled▲ GoodMajor
Operator Cascadia has secured a rig for a three-well Vader programme in Washington, expected to start before the end of March. Wells will be 1,600-2,700 ft deep; permits are expected by early March. Comet Ridge holds 40%.
6 Feb 2007drilling progress report● Neutral
Fishing at Coal View 31-4 extends two more days with the pipe stuck at 5,317 ft. Peltier 11-12 had a perforated liner run to total depth, was drilled under budget, and awaits a completion rig. Updates move to Tuesdays.
2 Feb 2007drilling result▲ GoodMajor
Peltier 11-12 reached 6,700 ft on 31 January; all three Niobrara targets appear fractured with oil and gas shows, including free oil in the mud. Coal View 31-4 remains stuck. Drilling resumes in the second quarter.
2 Feb 2007other● Neutral
Strike Oil's weekly update forwarding Comet Ridge's 2 February news. Peltier 11-12 reached 6,700 ft with fractured targets and shows. Coal View 31-4 fishing continues. Also covers Strike's Texas Gulf Coast wells.
30 Jan 2007other● Neutral
Strike Oil's weekly update forwarding Comet Ridge's 29 January news: stuck pipe at Coal View 31-4 but oil circulating, and Peltier 11-12 at 5,684 ft. Also covers Strike's own McGall 1 spud in Texas.
30 Jan 2007drilling progress report▼ Bad
Drill pipe is stuck at 5,300 ft in Coal View 31-4 above the first reservoir, though over 10 barrels of oil have circulated up. The well may be suspended if fishing fails. Peltier 11-12 is at 5,684 ft with minor shows.
23 Jan 2007quarterly activities report● Neutral
December quarter report (header says 2007, apparently an error). Coal View 31-4 completion was delayed two weeks by cold, and the third Tow Creek well is deferred to spring. Florence leases near 7,000 acres. Tipton West development drilling finished; A$7.7m raised.
23 Jan 2007drilling progress report● Neutral
Coal View 31-4 completion slipped another day to 23 January because of equipment availability. Peltier 11-12 was drilling ahead at 4,022 ft, building angle to 40 degrees, with 7-inch casing planned at 5,000 ft.
19 Jan 2007other● Neutral
Strike Oil's weekly cover update forwarding Comet Ridge's Tow Creek and Bear River news. It restates the Coal View 31-4 weather delay and Peltier 11-12 casing at 3,750 ft, alongside Strike's Texas wells. Nothing new on Comet Ridge.
19 Jan 2007drilling progress report● Neutral
Coal View 31-4 completion is expected to restart 22 January, weather permitting, as cold shut down several Rockies rigs. Peltier 11-12 was preparing to run 9 5/8-inch casing at 3,750 ft.
16 Jan 2007drilling progress report▼ Bad
Coal View 31-4 completion was delayed by extreme cold, with temperatures of -37°C at the Peltier site. Peltier 11-12, spudded 12 January, was drilling at 1,833 ft toward a 6,540 ft target of up to 500,000 barrels.
12 Jan 2007other● Neutral
Strike Oil's weekly update forwarding Comet Ridge's 12 January Tow Creek and Bear River release, plus Strike's Texas Gulf Coast wells. Coal View 31-4 completion rig is on location and Peltier 11-12 is due to spud within 24 hours. Little new on Comet Ridge.
12 Jan 2007drilling progress report● Neutral
Completion of Coal View 31-4 has begun, with the pump and perforated casing due to be finished over the weekend. Peltier 11-12 at Bear River spuds 12 January to 6,540 ft, targeting up to 500,000 barrels. It is the second proof-of-concept well.
10 Jan 2007director officer appointment● Neutral
General Manager Vic Palanyk is leaving for a full-time position elsewhere, and from 15 January 2007 the Managing Director becomes the principal Australian contact. Shareholder queries can also go to Resource PR's Joanne Ford.
4 Jan 2007admin correction● Neutral
The entitlement issue shortfall was allotted. Listed securities now total 99,799,536 shares and 14,185,638 options exercisable at 40 cents, expiring 29 June 2007. This finalises the capital raising already reported.
3 Jan 2007drilling progress report● Neutral
A workover rig will complete Coal View 31-4 early next week with perforated pipe and a pump, without stimulation; flow will be started slowly at tens of barrels a day. Peltier 11-12, targeting up to 500,000 barrels, spuds mid-week; it completes Strike's earning requirements.
29 Dec 2006drilling result▲ GoodMajor
Coal View 31-4 reached 6,600 ft on 25 December with oil and gas shows in the two reservoir intervals reached. The main target, the second Niobrara bench, showed gas readings over 245 ft and looks moderately to intensely fractured, so it will be completed in January. No flow rate yet.
29 Dec 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's Coal View 31-4 result, which Strike calls positive, plus Strike's own Gulf Coast drilling plans. Comet Ridge's Tow Creek content is the same as its own announcement of that day.
22 Dec 2006drilling progress report● Neutral
Coal View 31-4 had set 7-inch casing at 4,795 ft after drilling to 4,885 ft at 40 degrees. The first reservoir target is expected near 5,100 ft, with the rig set to move to Peltier 11-12 next. A major winter storm continued to affect operations.
22 Dec 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's 22 December Coal View 31-4 update. Restates Strike's 37.5% Tow Creek interest and 8.9% Comet Ridge holding. Nothing new.
20 Dec 2006capital raising announcement▲ GoodMajor
The shortfall of 11.48m shares was fully placed, so the entitlement issue raised the full $7.66m before costs at 27 cents. About 28.4m shares and 14.2m free 40c options are issued, taking capital to 99.8m shares. Directors put in over $540,000.
18 Dec 2006admin correction● Neutral
13,992,212 shares were allotted from the entitlement issue, covering the acceptances and shortfall applications reported on 13 December. Placement of the remaining shortfall by Tolhurst Noall was still being finalised.
15 Dec 2006drilling progress report● Neutral
Coal View 31-4 was drilling at 4,328 ft after 9 5/8-inch casing was set at 2,944 ft to counter mud losses. The first reservoir interval is expected early next week near 5,150 ft; the rig then moves to Peltier 11-12, four miles away.
15 Dec 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's 15 December Coal View 31-4 update. Restates Strike's 37.5% Tow Creek interest and 8.9% Comet Ridge holding. Nothing new.